Books cannot be rejected merely because loss declared by the Assessee was very high

HIGH COURT OF ALLAHABAD Commissioner of Income-tax, Varanasi Versus Jananamandal Ltd. IT Appeal No. 23 of 2011 JANUARY  30, 2013 JUDGMENT 1. The present appeal has been filed under Section 260 (A) of the Income Tax Act, 1961 (hereinafter referred to as the ‘Act’) against the order dated 17.8.2010 passed by the Income Tax Appellate Tribunal, Allahabad Bench (hereinafter referred to as the ‘Tribunal’). The Commissioner of Income Tax, Varanasi has proposed the following two substantial question of law said to be arising out of the order of the Tribunal: ...